Iwaki is a chemical-pump pure play — the world's oldest and largest dedicated manufacturer of chemical pumps and fluid-control equipment (ケミカルポンプ専業メーカー), founded 1956, headquartered in Chiyoda-ku, Tokyo, ~1,146 consolidated employees. It designs, manufactures and sells pumps that safely transfer, dose and circulate corrosive chemicals and high-purity fluids — the critical "wet-side" component of semiconductor fabs, water-treatment plants, medical devices, chemical plants and new-energy systems.
The franchise is anchored by the sealless magnetic-drive pump (no mechanical seal = zero leak path), the industry safety standard for handling hazardous liquids. With 60+ product series and tens of thousands of models from an ~800,000-unit/year capacity, Iwaki is a classic small-lot, high-mix "hidden champion" in the ~¥4,000億 global pump market's chemical niche.
FY2028 mid-term target: sales ¥53.0B, OP ¥6.9B (13.0% margin), ROE ≥12%. NEXT10 (FY2035): sales ¥100B, OP margin ≥15%.
STRONG Iwaki holds the #1 global position in magnetic-drive chemical pumps (Japan ~40% share; global mag-drive 12–15%; semiconductor dosing/magnetic pumps ~28%). The moat rests on 70 years of fluoroplastic (PVDF/PFA/PTFE/ETFE) materials science, a sealless zero-leakage design standard that becomes spec-locked into semiconductor fabs and pharma tools, and an unmatched scope+scale combination (tens of thousands of models from ~800k units/yr capacity) that narrow competitors cannot replicate.
STRONG Water treatment is Iwaki's largest end market (~24% of sales, ¥11.4B) and the Americas grew +8.4% in FY2026 on the Walchem / Iwaki America controller franchise (Intuition Series controllers, Walchem Fluent® cloud IoT platform — 2025 Design & Innovation Award winner). Cooling-tower/boiler treatment, disinfection metering (EHN dosing) and industrial/municipal applications are defensive, recurring-revenue businesses designated a priority growth domain in 中期経営計画2027.
MEDIUM Management formalized a consolidated payout ≥35% with a ¥70 DPS floor (FY2026–28), up from the old >30% policy — FY2026 DPS ¥77 (payout 36.5%), with a 3-yr shareholder-return allocation of ~¥6B. Meanwhile a new 3-story Miharu (Fukushima) factory (~¥2.5bn, ~11,600 m²) has been completed, targeting output roughly doubling to ~1.0M units by FY2036 — aligning with the model's FY2026 fixed-asset additions (+¥805M) and capex spend.
Sales: ¥32.4B → ¥47.7B (10.1% CAGR). OP: ¥2.1B → ¥5.9B after the FY2024 margin step-change.
FY2024 step-change: GM 34.3%→41.1%, OP margin 6.0%→12.3% — sustained at 12.4–12.8% through FY2026.
| Item (¥M) | FY2022 | FY2023* | FY2024 | FY2025 | FY2026 | FY2028E (Plan) |
|---|---|---|---|---|---|---|
| Net Sales | 32,440 | 37,730 | 44,539 | 45,763 | 47,692 | 53,000 |
| YoY % | — | +16.3% | +18.0% | +2.7% | +4.2% | — |
| Gross Profit | 11,029 | 12,923 | 18,328 | 18,498 | 19,071 | — |
| Gross Margin % | 34.0% | 34.3% | 41.1% | 40.4% | 40.0% | — |
| SG&A | 8,890 | 10,669 | 12,863 | 12,653 | 13,146 | — |
| Operating Profit | 2,139 | 2,255 | 5,465 | 5,845 | 5,925 | 6,900 |
| OP Margin % | 6.6% | 6.0% | 12.3% | 12.8% | 12.4% | 13.0% |
| Ordinary Profit | 2,993 | 3,745 | 6,222 | 6,517 | 6,725 | — |
| Net Profit (to parent) | 2,397 | 4,258 | 4,460 | 4,468 | 4,835 | — |
| Net Margin % | 7.4% | 11.3% | 10.0% | 9.8% | 10.1% | — |
| EPS (¥) | 109.37 | 193.94 | 202.32 | 202.15 | 218.14 | — |
| DPS (¥) | 33.5 | 61.0 | 62.0 | 70.0 | 77.0 | ≥70 floor |
| Payout % | 33.0% | 46.8% | 40.6% | 36.9% | 36.5% | ≥35% |
*FY2023 restated (finalization of provisional business-combination accounting). As originally reported: OP ¥2,443M / Ordinary ¥3,934M / NI ¥4,399M.
| Driver | FY2024 vs FY2023 | FY2025 vs FY2024 | FY2026 vs FY2025 |
|---|---|---|---|
| Sales growth (volume) | +6,809 | +1,224 | +1,929 |
| Gross-margin shift (mix/COGS) | +5,405 | +170 | +572 |
| SG&A change | −2,194 | +209 | −492 |
| Operating Profit change | +3,210 | +380 | +80 |
FY2026: inventory-optimization production adjustments temporarily lifted fixed manufacturing costs into COGS, capping OP at +1.4% despite +4.2% sales. Non-operating income (equity-method gains, FX gains) carried Ordinary +3.2% and Net +8.2%.
A chemical pump safely transfers, doses and circulates corrosive/aggressive chemicals and high-purity fluids — the critical "wet-side" element of semiconductor fabs, water-treatment plants, medical devices, chemical plants and new-energy systems. The core technical challenge is corrosion resistance (materials engineering) and zero leakage — hence the flagship sealless magnetic-drive design (no shaft seal = no leak path).
| Product family | Key products | FY2026 ¥M | Share | Role |
|---|---|---|---|---|
| Magnet pumps (マグネットポンプ) | MD/MX general chemical; MDM series semiconductor wet-process (CFRPP/ETFE/PFA, up to 150°C, 100% leak-free); 12 series / 100+ models | 15,658 | 32.8% | Core engine, highest-value |
| Metering pumps (定量ポンプ) | EHN series electromagnetic diaphragm (EHN-BN09/11/16/21/31, CN16–36; digital, IP66, 1–360 spm); lineage to HDP (1970) / F series (1972) | 8,270 | 17.3% | Water-treatment dosing |
| Air-driven pumps (空気駆動ポンプ) | TC/TD series diaphragm pumps for viscous/particulate fluids; intrinsically safe (no electrics) | 5,017 | 10.5% | Cyclical industrial |
| Rotary displacement (回転容積ポンプ) | Rotary pumps for high-viscosity/slurry transfer | 3,105 | 6.5% | Post-surge decline −9.3% |
| Air pumps (エアーポンプ) | APN diaphragm air pump (10 models); OP-N026D micro electromagnetic pump (medical OEM) | 2,703 | 5.7% | Medical/OEM embedded |
| System products (システム製品) | Water-treatment controllers: Walchem Intuition Series (Intuition-9: 24in/12out; Intuition-6; Cu/Ni), W100/W100P, Walchem Fluent® cloud IoT platform | 2,948 | 6.2% | Water-treatment controllers |
| Purchased goods (仕入商品) | Third-party products distributed alongside own brand | 3,321 | 7.0% | Distribution/bolt-on |
| Other (その他) | Aftermarket, service, maintenance, installation | 6,670 | 14.0% | Annuity, +13.2% fastest |
Business model: own-brand manufacturer ("chemical pump department store"), small-lot high-mix production, ~800k units/yr capacity, ~4,000億円 global pump market with chemical pumps ~1/4.
Iwaki is the global #1 in magnetic-drive chemical pumps, the clear #1 in Japan mag-drive (~40%), and a top-tier player in semiconductor chemical pumps (~28%) — but only ~10% (#3) in Japan motor-type metering behind Nikkiso (50%).
| Market | Iwaki share | Competitors |
|---|---|---|
| Japan mag-drive pumps | ~40% (#1) | Ogiwara Mfg 17%, Sanso Denki 13% |
| Japan motor-type metering | ~10% (#3) | Nikkiso 50%, TACMINA 20% |
| Global mag-drive pumps | 12–15% (#1) | Sundyne 10–12%, Flowserve 9–11%, ITT Goulds 6–8%, Klaus Union 5–7% |
| Semiconductor dosing pumps (global) | 28.4% (#1) | White Knight (Graco) 18%, Verder 14.6%, LEWA 12.1%, Saint-Gobain 11.3% |
| Semiconductor magnetic pumps (global) | 28.4% (#1) | EBARA 19.2%, Sundyne 14.2%, Richter 13.9%, LEWA 11% |
| Global fluid metering | ~2.4% | IDEX 6.9%, ProMinent 6.1%, LEWA 5.4%, Milton Roy 3.2%, Nikkiso 1.9% |
| China mag-drive brand (2025) | #2 (92.2 index) | 海密梯克 #1 (Dalian JV), Sundyne |
| FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | |
|---|---|---|---|---|---|
| Gross margin % | 34.0% | 34.3% | 41.1% | 40.4% | 40.0% |
| OP margin % | 6.6% | 6.0% | 12.3% | 12.8% | 12.4% |
| OP (¥M) | 2,139 | 2,255 | 5,465 | 5,845 | 5,925 |
FY2024 step-change (+¥3,210M OP; GM 34.3%→41.1%): (1) Volume/cycle — post-COVID semiconductor/capital-equipment recovery; (2) Mix — shift to high-value fluoroplastic semiconductor/LCD mag-drive pumps and medical OEM pumps; (3) Cost — business-combination integration completed, full fixed-cost absorption at higher volumes; China full-period consolidation (損益取り込み期間の差) + 売上原価率 −6.9pp.
FY2026 (+¥80M OP, +1.4%): growth volume-led (+¥1,929M sales) but cost headwind — production-adjustment/inventory-optimization temporarily lifted fixed manufacturing costs into COGS, capping OP despite +¥572M GM improvement. GM dipped to 40.0% — first down-tick since FY2022, consistent with the air-driven-pump demand shortfall (actual +3.5% vs +11.7% guidance) and rotary displacement −9.3%.
Management (FY2026 MD&A): "生産調整及び在庫適正化に向けた製品出荷構成の変化により、売上原価に占める製造関連固定費の負担が一時的に増加…営業利益は5,924百万円（前年比1.4%増）" — production adjustment & inventory normalization temporarily raised fixed manufacturing cost absorption into COGS.
| End market | FY2026 ¥M | Share | YoY | Character |
|---|---|---|---|---|
| Water treatment (水処理) | 11,428 | 24.0% | +3.9% | Defensive/structural; US-driven (Walchem controllers) |
| Medical equipment (医療機器) | 8,841 | 18.5% | +6.5% | Fastest-growing; sticky high-purity OEM |
| Semiconductor/LCD (半導体・液晶) | 7,299 | 15.3% | +6.2% | Cyclical, high-value; China/Korea-driven |
| Chemicals (化学) | ~5,282 | ~11% | +0.9% | Agrochemical/pharma stable; API weak |
| Surface treatment (表面処理) | ~3,158 | ~7% | +13.5% | Asia recovering; tariff uncertainty |
| New energy (新エネルギー) | ~949 | ~2% | +21.8% | Small, fastest-growing base (H2/FC/battery) |
Japan 47.3% · Americas 16.5% (+8.4% fastest, water treatment) · Europe 12.8% · China 12.1% · Asia 6.0% · Other 5.3% — overseas ~53%.
Cyclicality profile: a "semi-cyclical industrial" model — defensive water treatment + annuity aftermarket (~14% of sales, +13.2%) anchor the base; semiconductor and industrial-capex (air-driven) lines introduce moderate cyclicality; medical and new-energy are secular growth offsets.
設備投資 ¥894M + 研究開発費 ¥921M = ¥1,815M (FY2025: ¥1,800M + ¥870M = ¥2,670M; capex stepped down after the new-plant spend).
NEXT10 (FY2035): sales ¥100B, OP margin ≥15% — "double again in 10 years" (previous 10-yr vision hit targets one year early).
| Risk | Severity | Detail |
|---|---|---|
| Semiconductor cycle exposure | High | WFE-capex driven; FY2025 delayed recovery & FY2026 air-driven shortfall show cyclicality; demand is lumpy. |
| US tariff policy | Medium-High | Company flags "不透明な米国の関税政策" risk for chemical & surface-treatment markets; US = 16.5% of sales and the growth engine. |
| FX sensitivity | Medium | Overseas ~53% of sales; JPY appreciation vs USD/EUR is a two-way margin headwind. |
| Inventory / production adjustment | Medium | 165→150-day inventory target; FY2025 write-downs (棚卸資産の評価減) and FY2026 de-stocking depressed GM. |
| Competition (China, price) | Medium | Chinese entrants attack commodity tiers; high-purity incumbency in US/Europe limits share gains. |
| Customer concentration | Low | No single customer >10% of sales (disclosed); but semi demand concentrated in few fabs. |
| Component dependency / raw materials | Medium | Fluoropolymer (PFA/PTFE/PVDF) price moves can compress margins; supplier diversification in progress. |
Competition by sub-segment: Magnet (Japan) — Ogiwara, Sanso Denki; (Global) — Sundyne, Flowserve, Richter. Metering — Nikkiso (50% Japan), TACMINA, ProMinent, Grundfos, LEWA, Milton Roy (IDEX). Semiconductor UHP — White Knight (Graco), LEWA, EBARA, Verder, Saint-Gobain.
| Shareholder | Stake | Note |
|---|---|---|
| CHARON FINANCE GMBH (Verder) | 13.83% | Largest — Verder Group-linked (competitor crossholding) |
| 藤中ホールディングス | 12.17% | Founder-family holding co. (indirect) |
| 藤中 茂 (CEO) | 8.37% | Direct |
| 藤中 留美 | 7.79% | Family |
| 日本マスタートラスト信託銀行 | 7.36% | Trust |
| イワキ産業 | 3.86% | Group company (indirect) |
| 藤中 裕子 / 藤中 秀子 | 3.12% / 1.79% | Family |
| イワキ従業員持株会 | 2.44% | Employee ESOP |
| CACEIS BANK (Luxembourg) | 2.42% | Foreign institutional |
Iwaki is a single operating segment (ケミカルポンプ事業); product-line and regional tables below are the disclosed segment proxies. Product-line sum = consolidated sales (FY2025: 45,763 ✓; FY2026: 47,692 ✓).
Product-line revenue (¥B), stacked. Magnet pumps remain the largest engine (32.8% FY2026).
Americas +8.4% fastest (water treatment); China rebounded +3.0% (semi/LCD); Europe +1.2%.
| Product line (¥M) | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Magnet pumps | 10,828 | 11,988 | 14,338 | 15,056 | 15,658 | +4.0% |
| Metering pumps | 5,484 | 6,416 | 7,166 | 8,080 | 8,270 | +2.4% |
| Air-driven pumps | 4,243 | 5,136 | 5,721 | 4,845 | 5,017 | +3.5% |
| Rotary displacement | 2,118 | 2,012 | 3,001 | 3,424 | 3,105 | −9.3% |
| Air pumps | 1,566 | 1,871 | 2,459 | 2,614 | 2,703 | +3.4% |
| System products | 1,625 | 1,951 | 2,549 | 2,691 | 2,948 | +9.5% |
| Purchased goods | 2,750 | 2,811 | 2,952 | 3,162 | 3,321 | +5.0% |
| Other (service/aftermarket) | 3,825 | 5,545 | 6,353 | 5,891 | 6,670 | +13.2% |
| Total | 32,440 | 37,730 | 44,539 | 45,763 | 47,692 | +4.2% |
| Region (¥M) | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Japan | 17,998 | 19,420 | 20,649 | 21,704 | 22,569 | +4.0% |
| Europe | 3,972 | 4,672 | 5,701 | 6,022 | 6,097 | +1.2% |
| Americas | 4,301 | 6,101 | 7,042 | 7,241 | 7,850 | +8.4% |
| Asia | 2,866 | 3,213 | 2,575 | 2,779 | 2,872 | +3.4% |
| China | 2,044 | 2,579 | 6,626 | 5,619 | 5,790 | +3.0% |
| Other | 1,259 | 1,746 | 1,947 | 2,398 | 2,514 | +4.8% |
| Total / overseas share | 32,440 | 37,730 | 44,539 | 45,763 | 47,692 | 52.7% |
Source: Iwaki_Anomalies_Report.md (ima search_knowledge RAG + 有価証券報告書 MD&A). Ordered by severity.
中国連結子会社の損益取り込み期間の差の影響や中国連結子会社以外の各社増収効果、売上原価率の低下などにより、営業利益は5,465百万円（前年比142.4%増）となりました…医療機器市場が中国向けを中心に大幅増収（+47.2%）。(FY2024 MD&A)
Cause: full-period consolidation of Chinese subsidiaries (provisional accounting finalized), mix shift to high-value semi/medical pumps, lower COGS ratio. Severity: LOW (positive anomaly) — margin step sustained at 40–41% GM through FY2026.
特別利益において、段階取得に係る差益1,227百万円を計上したことにより、親会社株主に帰属する当期純利益は4,398百万円（前年比83.5%増）…第69期において、企業結合に係る暫定的な会計処理の確定を行っており、第68期の関連する主要な経営指標等については…反映。
Cause: one-off step-acquisition gain (段階取得に係る差益) from the Chinese subsidiary acquisition booked in special income; FY2023 later restated. Severity: MEDIUM — earnings quality flag; strip the gain → NI ≈¥3.2B (+32%).
生産調整及び在庫適正化に向けた製品出荷構成の変化により、売上原価に占める製造関連固定費の負担が一時的に増加…持分法による投資利益の増加、為替差益の発生等により、営業外収益が増加。(FY2026 MD&A)
Cause: inventory-optimization production adjustments lifted fixed manufacturing cost into COGS (temporary); non-operating income (equity-method +¥75M, FX gains ¥131M) carried lower-line profits. Severity: MEDIUM — underlying OP growth is low-single-digit; quality of the +8.2% NP is partly non-operating.
半導体・液晶市場6,875百万円（前年比12.3%減）…低迷が続いている半導体・液晶市場向け製品を中心に計上した棚卸資産の評価減などによって売上原価率が上昇…(FY2025 MD&A)
Cause: semiconductor/LCD downturn, China weakness, inventory write-downs; OP still +7.0% as intangible amortization (Hong Kong/Shanghai subsidiaries) ended. Severity: MEDIUM — cyclical, not structural; China subsequently recovered +3.0%.
Cause: FY2026 deliberately cut production to draw down inventory built in earlier years (inventory normalization), consistent with management's de-stocking policy. Severity: LOW-MEDIUM — demand intact (orders +16.2%) but inventory discipline temporarily depresses GM; watch semi/LCD for further write-downs.
中国は、中国連結子会社の損益取り込み期間の差（前期は第４四半期連結会計期間からの取り込み）もありますが、半導体・液晶市場、医療機器市場などが牽引…(+157.0%増)
China swung +157% (FY2024) → −15.2% (FY2025) → +3.0% (FY2026). Severity: LOW — accounting effect, now normalized.
連結配当性向35%以上、1株あたり70円の下限配当を設定…イワキグループ10年ビジョンの目標達成記念配当7円を加えた45円00銭。(FY2025/26 reports)
Cause: pass-through of the one-off FY2023 EPS spike under the old >30% payout KPI; FY2025 included ¥7 commemorative dividend. Policy since formalized. Severity: LOW — positive; capital-return upgrade is a genuine signal.
| Scenario | PER | Target (¥) | Upside |
|---|---|---|---|
| Conservative (cycle trough) | ×18 | 3,927 | −15.3% |
| Base (sustained 12–13% margin) | ×22 | 4,799 | +3.5% |
| Target (capital-return + growth delivery) | ×25 | 5,454 | +17.7% |
Target price ¥5,300 (rounded, +14.3% vs ¥4,635) sits between base and target scenarios, reflecting a 23x multiple on FY2026 EPS with FY2028E EPS upside (~¥250 implied at ¥6.9B OP).
Current price ¥4,635 (Aug 14, 2026) — dashed red line. Market cap ¥104.2B; shares outstanding 22.49M.
| Metric | Value | Comment |
|---|---|---|
| PER (TTM) | 21.2x | vs ~11.4x at FY2026 year-end — stock has re-rated |
| PBR | ~2.5x | BPS ¥1,864.08 (FY2026) |
| Dividend yield | 1.66% | DPS ¥77 |
| EV/EBITDA | ~6.6x | EBITDA ~¥7.5B (incl. depreciation ¥1,265M + amortization) |
| ROE | 12.2% | Target ≥12% maintained |
| Net cash / equity | Strong | Equity ratio ~74%; net cash position (cash ¥8.9B, gross debt ~¥4.7B) |
No direct-listed pure-play peer; nearest comparables in Japan flow equipment and global pump makers (multiples approximate, cross-market):
| Peer | Focus | PER (approx.) |
|---|---|---|
| Nikkiso (7942) | Cryo pumps / metering (Japan #1 metering) | ~20–25x |
| TACMINA | Metering pumps (Japan #2) | ~15x |
| Ebara (6361) | Pumps / compressors / semi (large-cap) | ~15–18x |
| Iwaki (6237) | Chemical pumps — this report | 21.2x |
Iwaki trades at a premium to Japanese machinery peers, justified by the #1 franchise, ≥35% payout policy and mid-term growth; the premium is modest vs global niche industrial leaders.
First look at whether the FY2027 "sustainable-growth" plan is on track — key check: air-driven pump recovery (+16.2% orders backlog) and inventory days toward the 150-day target.
Completed ~¥2.5bn Miharu plant; watch capacity utilization and depreciation ramp — sets up the FY2036 doubling ambition (~1M units).
Semi dosing/magnet pumps ~28% share; fab capex upturn directly lifts the highest-margin mix (FY2026 semi +6.2%, China +3.0%).
Americas +8.4%; cloud IoT platform adoption adds recurring software/controller revenue; Plan 2027 priority domain.
Payout ≥35% with ¥70 floor; FY2027 DPS ≥¥77 likely (mid-term allocation ~¥6B shareholder returns); watch for buyback announcements.
New energy +21.8% off a small base; H₂/CO₂-capture investment rising in Europe & China; NEXT10 targets water treatment + new energy as growth domains.
| Risk | Severity | Impact detail & sensitivity |
|---|---|---|
| Semiconductor cycle reversal | High | Semi/LCD is ~15% of sales and the highest-margin mix; a WFE capex pause (as FY2025) hits both volume and mix, and can trigger inventory write-downs (FY2025 precedent). |
| US tariff policy | High | Company-flagged "不透明な米国の関税政策"; the US is 16.5% of sales and the fastest-growing engine (water treatment) — a capex pause or tariff cost is a direct hit. |
| FX volatility | Medium | Overseas ~53% of sales; JPY strength compresses margins and competitiveness. FY2026 FX gains (¥131M) were a tailwind — two-way risk. |
| Inventory / margin drag | Medium | 165→150-day inventory target; FY2026 de-stocking cut air-driven production to 47.5% and depressed GM to 40.0% — ongoing discipline caps near-term OP growth. |
| Valuation re-rating risk | Medium | 21.2x vs ~11x historical; the +14.3% target assumes delivery of FY2028 margin targets. A missed guide or cyclical slip could compress the multiple. |
| China concentration swings | Medium | China sales swung +157% → −15.2% → +3.0% over three years; consolidation-timing effects and fab-cycle concentration add volatility. |
| Competitive pressure (China entrants) | Medium | Price-competitive entrants (e.g., Dandong Colossus) attack commodity tiers; high-purity incumbency in US/Europe limits share gains outside niches. |
| Raw-material (fluoropolymer) costs | Medium | PFA/PTFE/PVDF price moves and component-supply dependency can compress margins; supplier diversification is in progress. |
| Single-segment disclosure limits | Low | No segment-level gross margins or cash-flow detail disclosed; product-line/regional revenue are proxies — limits fine-grained analysis. |
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Gross margin % | 34.0% | 34.3% | 41.1% | 40.4% | 40.0% |
| Operating margin % | 6.6% | 6.0% | 12.3% | 12.8% | 12.4% |
| Ordinary/Operating ratio | 1.40x | 1.66x | 1.14x | 1.11x | 1.13x |
| Operating CF (¥M) | 2,711 | 1,915 | 2,564 | 3,464 | 5,251 |
| Free CF (¥M) | 2,282 | 396 | 77 | 2,680 | 1,866 |
| ROE % | 10.1% | 15.8% | 14.4% | 12.6% | 12.2% |
| Equity ratio % | 66.3% | 63.4% | 67.8% | 70.0% | 74.0% |
| Payout % | 33.0% | 46.8% | 40.6% | 36.9% | 36.5% |
| Net cash (¥M, approx.) | 8,574 | 8,692 | 6,773 | 7,942 | 8,888 |
POSITIVE The FY2024 margin step-change to a 40%+ GM / 12%+ OP band is sustained and structurally real (mix shift to semi/medical + China consolidation + operating leverage), not a one-off. Operating CF rose to ¥5.3B (FY2026) with net cash ¥8.9B and a 74% equity ratio — a fortress balance sheet. Payout policy (≥35%, ¥70 floor) is transparent and growing.
WATCH Three earnings-quality caveats: (1) FY2026 net profit (+8.2%) ran ahead of operating profit (+1.4%) on non-operating income (equity-method + FX) — the underlying OP engine is mid-single-digit; (2) FY2023 NI included a ¥1.2B one-off step-acquisition gain and was later restated — historical comparability requires care; (3) inventory discipline (de-stocking) is a deliberate, temporary margin drag that must be watched for slippage into demand softness.
Disclaimer: For research and education only — not investment advice. Market data as of Aug 14, 2026 (delayed quotes). Financial data from FY2022–FY2026 有価証券報告書 (EDINET) via ima knowledge base; business analysis from web research (company IR, FISCO/analyst notes, third-party market reports).